This is a guest post by Amanda Green.
For many of us in the Baby Boomer generation, working later into life is not just an option, it is a vital part of keeping a steady income for retirement. A title loan, mortgage, increasing insurance rates, and even student loans are all steadily getting paid off near retirement age, but whatever we have saved up never seems like enough for the golden years. Losing your health insurance and switching over to a government plan seems like a scary ordeal too, but there are ways that leaving the full time workforce can actually help you and the overall economy.
With the Boomer generation living longer, there will be an increased need for workers to take care of us as we age. The most recent census states that people are increasingly likely to reach 90. The only problem with this is that our generation did not proliferate as prominently as our parents and now we are going to be stuck with younger people trying to take our full responsibility.
A recent article on Retirement Revised says that by staying in the workforce for longer, Boomers are not paying any favors to the economy. By switching over to a part time workload, you can start to enjoy yourself more, allow younger workers to move up in companies, and use government health insurance as well as your employer’s plan. By staying on part time, you can help train the future workforce, keep some income, and find a way to pursue other interests.
If you have recently lost your job, are over the age of retirement, and can afford to live on a modest income, you should really start to pursue hobbies and interests that are tailored to your needs. Instead of continuing to toil away in the same industry or profession, start writing or getting into art. If cooking or wood working are your passions, start learning those trades. Smart Money says that seniors are looking for fulfillment in a late career change and you should hop on the same train.
The professional field will be overrun by young people who are all extremely tech savvy. Competing with them for jobs will be much harder than ever even though you possess more experience.
While the American work ethic runs strong throughout the Boomers, your retirement years shouldn’t be spent working for someone else. By pursuing other options, you can start your own business and start to feel a more rewarding sense of accomplishment in your day to day routine. Just make sure you pick something that gives you overwhelming joy.
Photo: by *christopher*